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UK admits it will have to pay EU exit bill

Statement is said to go further than previous references to the UK’s Brexit bill by Theresa May

The Government has conceded for the first time it has financial obligations to the EU after Brexit, in what is being seen as an important development in the Brexit talks.

The Financial Times reports a written statement was released to parliament yesterday which European insiders say goes further than previous references to the UK’s Brexit bill by Prime Minister Theresa May.

In the statement, Brexit minister Baroness Joyce Anelay says: “On the financial settlement, as set out in the Prime Minister’s [Article 50 letter] the Government has been clear that we will work with the EU to determine a fair settlement of the UK’s rights and obligations as a departing member state, in accordance with the law and in the spirit of our continuing partnership.

“The Government recognises that the UK has obligations to the EU, and the EU obligations to the UK, that will survive the UK’s withdrawal — and that these need to be resolved.”

The one-off bill for the UK to leave the EU is estimated to run to up to €100bn gross.

The EU believes its strongest legal claim with a backlog of unpaid commitments made by the UK in annual EU budget rounds.

May argued at a dinner in April that the UK had no legal obligation to settle financial commitments when it left the EU.



Another firm suspends DB transfer advice

Another pension transfer specialist has closed to new business as FCA scrutiny over defined benefit transfer advice continues to bite. Kent-based Heather Dunne IFA, a specialist pension transfer support provider for advisers, has suspended its operations. The company website says it is currently reviewing its terms and processes. The website reads: “Please note – HDIFA is […]


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There are 14 comments at the moment, we would love to hear your opinion too.

  1. Very impressive image but I am not sure whether the Flag is deliberately upside down to make a subtle point.

  2. Correction – the UK taxpayer will have to pay the Brexit bill. This was always going to be the case. One last colossal payment of tribute by way of saying “sorry about the revolting serfs, can I still have a cushy EU job if I need it”.

  3. Can we have an itemised list of the proportionate assets to which we have contributed over the decades and which of course must result in a flow our way?

  4. Bit of a non story really. The only interesting bit is Maybots U-turn revealed right at the end.
    Men in grey suits where are you ?

  5. Finlay Anderson 14th July 2017 at 10:29 am

    We need to see what we are paying for and what the benefits are/were to the UK.We obviously have to honour commitments without them taking the P.
    Sensational headlines do nothing.

  6. To be fair David Davis always said the UK will pay what it is legally bound to pay. I just wonder what could be in the brexit bill that provides the EU with the calculation of Up to ten years worth on net contributions?

  7. Its often been described as being like a divorce. In a divorce both sets of assets are listed and shared accordingly. When they list what assets we have a share in and what that value is we at that point should then ask for an itemised breakdown of what they say we owe them. If that’s shown to be for us to pay for their fat pensions and expenses for the foreseeable future we should decline to pay anything until it is properly established why we owe this money. Strong and secure government. They’re having a laugh.

  8. Whatever the amount agreed upon, how are we going to pay it!! Currently living beyond our means, hence the current account deficit and increasing national debt. Add in the unfunded public sector pension liabilities etc. Is austerity over or have we not seen it yet!!

  9. So much for the savings on that infamous bus. There also has to be some kind of deal or we will be fenced in with no flights in or out. A lot of stupid statements about the Brexit disaster.

  10. Julian Stevens 14th July 2017 at 4:04 pm

    What concerns me is that the quantum of this Brexit bill seems to be infinitely arguable, despite Brussels claiming that the UK’s obligations are legal.

    Have previous UK government ministers really signed up to a Brexit bill with no idea as to how huge it may actually be?

    Would the EU really seek to inflict financial detriment on the UK to the tune of £100Bn if we were simply to refuse to pay a dime? They’d surely be doing themselves a not inconsequential amount of trade damage as well.

    As I asked prior to last year’s referendum: If it were not about whether we should leave or remain but about whether we should join or retain our independence, how many people would have voted for the former? Not many, I’d bet.

  11. It was only dumbos like Boris and the rabid Brexiteers who though we could get away with it. This is lesson one. More lessons to follow.

    Those who voted out will finally learn exactly what it is they voted for – and it wasn’t the slogan on the red bus. That was just one of the colossal lies.

  12. We got a special deal in terms of contributions to the EU. A deal nobody else will ever get! A bribe to keep us in previously.

    Our contribution to the EU is a tiny fraction of the annual Govt. spend (I believe it was something like 3% on my annual HMRC communication)- it was less than overseas aid (…even though it could be viewed as that!).

    We were lied to, or at the very least deliberately obfuscated, by the Leave campaign.

    We’ll be left with a trade deal with a nutter who wants to start the third world war and debt which we’ll never be able to pay back.

    We are the next Greece in waiting!

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